Major Drill Intersections - Oksut Gold Project

Stratex International Plc / Index: AIM / Epic: STI / Sector: Mining

30 August 2011

Stratex International Plc ('Stratex' or 'the Company'),

Major Drill Intersections - including 234.4 m @ 2.08 g/t Au & 220.2m @ 1.83 g/t Au at the Öksüt Gold Project, Turkey

Stratex International plc, the AIM-quoted exploration and development company, is pleased to report major gold intersections from its 4,600 m drill programme at the Öksüt high sulphidation gold project in Central Turkey which is funded by Centerra Exploration B.V. ('Centerra') as part of its US$3 million option/joint venture agreement.

Highlights

·; Substantial thicknesses returned from deep drilling of Ortaçam North Zone

·; Downhole best intersections of 234.40 m @ 2.08 g/t gold ('Au') from 42.30m including 72.5 m grading 4.43 g/t Au and 220.20 m @1.83 g/t Au including 66.7 m grading 3.13 g/t Au

·; Results indicate that the gold grade is increasing with depth

·; Mineralisation occurs in breccia pipe within 300 m diameter alteration zone

·; Vertical pipe at least 160 m x 140 m in width; mineralisation predominantly oxide to 280m and still open to depth

·; Drilling will continue to evaluate the full extent of the breccia pipe, both at depth and to the west and will be followed by a new independent resource estimate

Stratex's CEO Bob Foster said, "These initial drill results, which include exceptional downhole intersections of 234.40 m @ 2.08 g/t Au and 220.20m @ 1.83 g/t Au, mostly in oxide material, highlight the substantial development potential of the Öksüt project.  Results from the OrtaçamNorth zone have defined a gold-bearing vertical breccia pipe with horizontal dimensions of at least 160 m x 140 m, which is surrounded by a wide zone of alteration characterised by strongly anomalous gold values. The breccia pipe has been tested to a depth of 280m where the mineralisation is still open, which substantially increases the gold resource potential of Öksüt that currently stands at 317,256 oz Au.

"It is particularly exciting to note the considerable depth of oxidation that has been recorded and the fact that the bottom of the oxidation profile has yet to be intersected. This has considerable importance for the potential for recovery of gold by low-cost heap-leach processing. With this in mind metallurgical test work will be a key priority to understanding and fast-tracking the project. Equally exciting are the encouraging gold grades being reported in the system and the suggestion that the gold content may well be increasing at depth. The limited surface expression of the gold grades now being found at depth are also an encouraging factor when we come to review the possibility of economic mineralisation being found beneath other outcropping silica zones at Öksüt, for which surface sampling has only returned maximum assays of 0.1-0.3 g/t Au.

"An independent updated resource will be commissioned once the current phase of drilling has been completed towards the end of this year and we look forward to updating shareholders on this development and defining the true economic potential of this project."

Further Information

Since commencing the 2011 4,600 m diamond drilling programme at Öksüt in late April 2011, 12 holes for a total of 3,160 m have been completed and drilling is ongoing. A significant proportion of this drilling has focussed on defining the nature and extent of the mineralised zones at Ortaçam North, which is located 500 m north of the Ortaçam Zone.

Early holes focused on the Ortaçam Zones (ODD-37 - ODD-41), followed by the northern target Kızılağil (ODD-42-ODD-43), a deep hole to test a potential porphyry target beneath Ortaçam (ODD-44), and then the programme moved to Ortaçam North (Table 1). The drill programme is funded by Centerra as part of their earn-in expenditure of US$3 million to acquire 50% of the project.

Table 1. Drill intersections April - August, 2011, Öksüt project

1 Not true intersection width - see text. 2Includes minor sulphide in places - see text

Hole ODD-45 was the first of a north-south-orientated fence line of three drill holes, commencing on the northern side of the Ortaçam North Zone, to investigate what consultant geologist Dr. Richard Sillitoe recently identified as a phreatic breccia pipe caused by the explosive upward escape of boiling fluid through silicified and previously gold-mineralised volcanic rocks.

The exceptionally long mineralised intersection of 234.4 m averaging 2.08 g/t Au is particularly remarkable in that it is characterised by predominantly oxide material, and the subsequent intersections in the same hole indicate that almost complete oxidation has occurred down to a vertical depth of approximately 280 m. Minor sulphide (mostly pyrite) is present in some clasts (angular fragments) of material resulting from the explosive brecciation of earlier mineralisation but the analysed sulphur contents of the material suggest that the pyrite content is generally much less than 1%. Assuming that the breccia pipe is vertical, the true (horizontal) width of the 234 m gold intersection is approximately 166 m.

Hole ODD-45 was drilled beneath earlier hole ODD-28A, which returned oxide intersections of:

·; 47.30 m @ 0.54 g/t Au from 4.70 m

·; 10.70 m @ 1.62 g/t Au from 118.00 m

·; 44.60 m @ 0.64 g/t Au from 156.80 m - see press release dated 30 November 2010

The copper-rich zone of 23 m @ 0.71% copper ('Cu') from 307.4 m in ODD-45 is significant in that it is not accompanied by any sulphide minerals and thus demonstrates the considerable depth of oxidation and related leaching of copper, with the copper being re-precipitated as a relatively high-grade supergene-enriched zone that in fact is not directly related to the bottom of the zone of oxidation. There is a very reasonable expectation that even higher copper grades can be anticipated when the bottom of the oxidation zone is eventually indentified.

Drill hole ODD-47 targeted the southern side of the breccia pipe and the intersection of 102.70 m @ 0.74 g/t Au confirms that the southern sector of the pipe is also significantly mineralised and that the pipe and surrounding envelope of alteration and lower-grade mineralisation is likely to measure approximately 300 m in a north-south orientation.

Drill hole OD-48 was then drilled in a westerly direction, orthogonal to holes 45 and 47, and confirmed that the steeply dipping or vertical breccia pipe measures at least 150 m in an east-west direction and that oxidation prevails down to at least 260 m vertically, although minor pyrite persists in some clasts as evident in hole 45. The mineralised intersection of 220.2 m @ 1.83 g/t Au equates to an estimated true (horizontal) width of 142 m. Minor pyrite is evident in places as described for ODD-45 above. The extent to which the gold grades throughout the pipe are potentially economic will require future testing by infill drilling once the outer limits of the pipe have been defined.

Surface sampling of the Ortaçam North Zone during the Company's early exploration of the newly discovered prospect returned assay values below 0.1 g/t Au, with the exception of only one strongly anomalous value of 2.13 g/t Au, indicating that surface sampling is not necessarily indicative of the sub-surface potential and that gold-bearing zones may be largely unexposed. The high-grade zones of 72.50 m @ 4.43 g/t Au and 66.70 m @ 3.13 g/t Au in drillholes ODD-45 and 48 respectively also indicate the possibility of gold grades increasing with depth.

The two holes drilled on the Kızılağil Zone, approximately 1,000 m north-west of Ortaçam North, intersected similar breccia material to that observed in Ortaçam North and returned modest intersections of low-grade material. These intersections will now be re-considered given the indications that gold grades may increase with depth at Ortaçam North. Resources of such low-grade material may be of economic significance given their proximity to both the Ortaçam and Ortaçam North zones.

One deep hole (ODD-44) was drilled beneath the Ortaçam Zone to investigate the potential for underlying porphyry-style gold +/- copper mineralisation. The styles of alteration and minor mineralisation proved consistent with proximity to a porphyry system but the depth of intersection was deemed too far vertically below surface to warrant further investigation.

For more information on the Öksüt project, please visit:

http://www.stratexinternational.com/operations/exploration/turkey/oksut.aspx

About Centerra JV

Under the terms of the option/joint venture agreement, Centerra is to fund US$3 million over three years, ending August 2012, to acquire a 50% interest in the project and thereafter has the option to increase its interest to 70% by expending an additional US$3 million by August 2014.

An independent mineral resource assessment, prepared in accordance with the guidelines of the JORC Code (2004), of 317,256 oz gold was announced on 29 March 2010, with 241,440 oz Au being oxide material likely to be suitable for open-pit mining and heap-leach recovery. Of the total oxide resource, 221,807 oz gold was hosted by Ortaçam and the balance of 19,600 oz Au was declared for the Ortaçam North Zone on the basis of the initial programme of five short drill holes completed at Ortaçam North late in 2010.

Sampling, assaying, and QA/QC

Stratex's sampling of outcropping rocks, drill core, and other geological materials conforms to industry-wide good practice, with chain of custody being observed for all samples. Gold analysis is undertaken by ALS Chemex at its laboratories in Romania and the Company maintains QA/QC on all analytical work via the use of certified reference materials, field duplicates, and blank samples in addition to monitoring of internal laboratory check-analyses.

Dr Bob Foster, CEO, is a Competent Person as defined by various international instruments and takes responsibility for the release of this information.

* * ENDS * *

For further information please visit www.stratexinternational.com, email [email protected], or contact:

Notes to editors:

Stratex International Plc is an AIM-quoted exploration and development company focussing on gold and base metal opportunities in Turkey, Ethiopia and Djibouti.

Stratex - Turkey Portfolio

In Turkey, Stratex is moving to gold production at the Inlice project through its partnership with its Turkish partner NTF, with initial production targeted by H1 2012. Subject to on-going discussions with another Turkish company, Altıntepe is also targeted to go into production by 2013, subject to outcome of scoping and feasibility studies. The Company also remains focussed on discovering and developing new projects through low-cost exploration, adding maximum value prior to optioning/joint venturing or selling on to a dedicated mining company.

·; Total resources stand at 1.51 million oz of gold (combined oxide and sulphide gold) and approximately 7.1 million oz of silver, on a JV-inclusive basis

·; Partnership with NTF, a technically capable Turkish company, to rapidly develop the 59,600 oz gold reserve present at the Inlice project

·; An option/joint venture agreement with Centerra Exploration B.V., a wholly owned subsidiary of Centerra Gold Inc., to explore and develop the Öksüt project, a high-sulphidation gold discovery located in Central Anatolia

·; A further option/joint venture agreement with Centerra Exploration B.V. to explore the multiple high-sulphidation alteration zones of the Altunhisar project in Central Anatolia

·; An option/joint venture agreement over the Hasancelebi project, a high-sulphidation gold project in central Turkey with Teck Madencilik Sanayi Ticaret A.S., a Turkish subsidiary of Teck Resources Limited of Canada, a major shareholder in Stratex

·; An option/joint venture agreement with private Turkish company Aydeniz Group to explore and develop the Muratdere porphyry copper-gold-molybdenum deposit in western Turkey

·; Exploration agreement with Antofagasta to explore Turkey for porphyry copper and other copper deposit-types that will be vested into an established JV

Stratex East Africa Ltd ('SEA') - Ethiopia and Djibouti Portfolio

·; A joint venture with Centamin Egypt Limited (which recently acquired Sheba Exploration (UK) plc) to (i) earn-in to an initial 60% of the prospective 37 sq km Shehagne gold project in Ethiopia, and (ii) explore targets in northern Ethiopia on a 70:30 joint venture basis

·; Berahale and Gademsa EEL's cover a combined area of 1,225 sq km in northern and central Ethiopia respectively and are prospective for gold and base metals

·; Multiple low-sulphidation vein systems recently discovered in the Blackrock EEL with bonanza gold values up to 34.6 g/t Au and 60.4 g/t in outcrop

·; 3,853 sq km land position over new epithermal gold discovery and multiple related gold targets in the Afar Depression of eastern Ethiopia and Djibouti

·; Stratex International has signed a binding Heads of Agreement with Thani Ashanti, an AngloGold Ashanti Limited joint venture company, to fast-track development of first 11 prospects identified within the Afar Depression (collectively the 'Afar Project'). Thani Ashanti can earn 51% of the Afar Project by spending US$3 million on exploration and development over two years. Recent results from the scout drilling programme at Megenta have confirmed epithermal gold mineralization